Finance company manager arrested

LUDHIANA, July 12: Police have arrested Col.Harbaksh Singh (retd.), manager of Hoff land Finance Company in a case of fraud and cheating registered on May 5.

According to Senior Superintendent of Police Dinkar Gupta, the company had collected several lakhs of Rupees from small investors on the promise of high returns, but later, the local office was closed and the company officials absconded with hard earned money of the people.Varinder Kumar, S.P.(Hq.) and incharge of economic offences wing disclosed that the company had collected deposits from the public despite a ban by SEBI and Reserve Bank of India.

Preliminary interrogation of the accused, a retired Colonel from artillery in the army, revealed that the company had many retired army officers of the ranks of Major Generals and Brigadiers in various capacities like managers and advisors. The company, he disclosed, had duped more than 150 investors, who had been given post-dated cheques which were practically worthless.

The Police further learnt that the kingpin behind the massive financial scam was B.B.Sharma, chairman and managing director of the company, who had allegedly siphoned off the funds.

Further investigations were on.